Setting up the argument against a windfall profits tax

Before we get started, do any of you B.O. fans want to argue that Obama did not call for a windfall profits tax of the most profitable domestic oil companies in order to subsidize energy costs for those in lower income brackets?

This is a legitimate question. It’s also the only one I’m asking. Don’t bother to comment with “but in 1985 McCain called his female dog a bitch” bull. Yes or no: Did Obama suggest the windfall profit tax as part of his energy/economic platform?

No response will be considered a yes. You have a couple of hours to debate this one.

Comments

  1. Is a “windfall” defined in terms of absolute dollars or percentages? Some profits might sound excessive, to some, in terms of dollars but when expressed as a percentage we may be surprised that there are other enterprises that fall under the alleged windfall umbrella. If the term windfall profit applies to one enterprise shouldn’t it apply to another that has a profit at the same percentage? Is it good economic policy when the government tries to interfere in the means of production? Wasn’t that tried in the USSR?